Company Registration No. 06882099 (England and Wales)
ATALANTA MOTOR CARS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ATALANTA MOTOR CARS LIMITED
COMPANY INFORMATION
Director
Mr M M Corfield
Company number
06882099
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank UK Plc
1 Churchill Place
London
E14 5HP
ATALANTA MOTOR CARS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ATALANTA MOTOR CARS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ATALANTA MOTOR CARS LIMITED FOR THE YEAR ENDED 31 MAY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Atalanta Motor Cars Limited for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Atalanta Motor Cars Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Atalanta Motor Cars Limited and state those matters that we have agreed to state to the Board of Directors of Atalanta Motor Cars Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atalanta Motor Cars Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Atalanta Motor Cars Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Atalanta Motor Cars Limited. You consider that Atalanta Motor Cars Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Atalanta Motor Cars Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
29 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ATALANTA MOTOR CARS LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,000
40,000
Investments
4
2
2
60,002
40,002
Current assets
Stocks
72,199
117,949
Debtors
6
14,013
7,278
Cash at bank and in hand
2,236
349
88,448
125,576
Creditors: amounts falling due within one year
8
(75,952)
(116,602)
Net current assets
12,496
8,974
Total assets less current liabilities
72,498
48,976
Creditors: amounts falling due after more than one year
7
(47,601)
(47,601)
Net assets
24,897
1,375
Capital and reserves
Called up share capital
10
2
2
Share premium account
3,749,999
3,749,999
Profit and loss reserves
(3,725,104)
(3,748,626)
Total equity
24,897
1,375
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ATALANTA MOTOR CARS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 January 2024.
Mr M M Corfield
Director
Company Registration No. 06882099
ATALANTA MOTOR CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Atalanta Motor Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets other than goodwill
Development costs arising in the development of a prototype motor car have been capitalised in accordance with SSAP 13: Accounting for research and development, and will be amortised over the estimated useful life of the project. It is in the director's opinion that a viable economic benefit will crystallise upon the commencement of its production. Development costs have been fully impaired.
ATALANTA MOTOR CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Plant and machinery
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Investment vehicles
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
ATALANTA MOTOR CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 3).
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Investment vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
33,618
88,351
13,614
141,244
276,827
Additions
80,000
80,000
Disposals
(80,000)
(80,000)
At 31 May 2023
33,618
88,351
13,614
141,244
276,827
Depreciation and impairment
At 1 June 2022 and 31 May 2023
33,618
88,351
13,614
81,244
216,827
Carrying amount
At 31 May 2023
60,000
60,000
At 31 May 2022
40,000
40,000
4
Fixed asset investments
2023
2022
£
£
Investments
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2022 & 31 May 2023
2
Carrying amount
At 31 May 2023
2
At 31 May 2022
2
ATALANTA MOTOR CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
5
Intangible fixed assets
Other
£
Cost
At 1 June 2022 and 31 May 2023
706,176
Amortisation and impairment
At 1 June 2022 and 31 May 2023
706,176
Carrying amount
At 31 May 2023
At 31 May 2022
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,780
Amounts owed by group undertakings
1,453
498
Other debtors
6,780
6,780
14,013
7,278
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
47,601
47,601
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,667
1,667
Trade creditors
4,655
5,640
Other taxation and social security
331
Other creditors
69,299
109,295
75,952
116,602
ATALANTA MOTOR CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
49,268
49,268
Bank loans are secured by way of a government backed guarantee.
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
2
2
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Ultimate controlling party
The ultimate controlling party is Mr M M Corfield.
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